6 Key Changes to Super in 2013

1.       Increase to SG Contributions

The minimum employer superannuation guarantee contribution increased from 9% to 9.25%.

2.       Higher Concessional Contributions Cap

For those aged over 60 and over at any stage during the 2013/14 Financial Year their concessional contributions cap (employer contributions + salary sacrifice + deductible contributions) has been increased to $35,000. Everyone else remains at $25,000.

In 2014/15 those over age 50 at any stage during the financial year will also receive an increase in concessional contribution cap to $35,000.

3.       Removal of the Superannuation Guarantee Age Cap

Previously if you were over age 70 your employer was not required to make mandatory contributions to your super on your behalf. This age limit has been removed.

4.       Redraw of Excess Concessional Contributions

From 1 July 2013 any excess concessional contribution will be taxed at the individual’s marginal tax rate plus additional ATO charges.

5.       Pension Minimums Revert Back to Original Percentages

The Government’s 25% concessional to pension minimums due to the GFC market down turn has finished. All minimums have reverted back to their original amounts.

6.       Off-Market Transfer Ban Abandoned

Listed securities continue to be allowed to be transferred into an SMSF via an off-market transfer.

More About -- > Thomas Jacks

Thomas Jacks BCom (Acc), SMSF SpecialistTM, Adv. Dip F.S. (FP)
“I want to be able to assist clients with their investment and retirement planning by providing real strategy advice. It’s my aim to not only help my clients but to educate them by addressing the entire picture” Google Plus